When is my tax return due?
The UK tax year ends on 5 April. The deadline for filing your tax return is the following 31 January.
So for the year ended 5 April 2012 the deadline is 31 January 2013.
Paper returns
If you can’t, or don’t want to, file your tax return on-line, then you have to get your tax return to HMRC sooner. For you, the deadline is 31 October.
When is the best time to do my return?
Don’t leave your tax return till the last moment. Do it as soon as possible after 5 April. This way you get as much notice as possible of what your tax liability will be and you can start planning how you will pay it and setting money aside.
When do I have to pay my tax?
Most people have to pay their tax by 31 January. Many people also need to pay in July.
If you have just started in business your first payment will be due by 31 January. So that’s 31 January 2013 if you started in business in the year to 5 April 2012.
Payments on account
Once you have been in business for more than a year you will probably need to make payments on account. This means you will need to pay in July as well as January.
Those whose main source of income is from employment or whose self employed earnings are low may not need to make payments on account. For specific advice on your situation please contact us by clicking here: jane@lymmtax.co.uk
You can also visit us at www.lymmtax.co.uk or call 01925 669 213.
